Garuda Indonesia sold a new Boeing 777-300ER aircraft through a sale and leaseback transaction for $175 million, according to its latest earnings release.
The company entered into a sale and leaseback agreement in April with Kuwaiti leasing company ALAFCO for a total of two aircraft of the type. The first aircraft delivered in June and the second in July.
“The agreed purchase price amounted to $175 million with a 12-year lease period and classified as operating lease,” the airline says in its financial statement covering the nine-month period to 30 September.
Garuda also says that one Airbus A330-200 aircraft was sold for $103.7 million during the period with a 12-year lease term.